STOCKHOLM Dec 19 Private equity backed
Cidron Delfi on Monday said it had launched a 2.0 billion
Swedish crown ($292 million) bid for Orc Group, a
provider of software and services for brokerages and traders.
Cidron Delfi, indirectly owned by Nordic Capital Fund VII,
said it was bidding 86 crowns per share for Orc, a 52 percent
premium to the company's average share price over the last three
The board of Orc has recommended the all-cash bid, which
will run to Jan. 27, 2012 and is conditional on Cidron getting
90 percent of Orc's shares.
Nordic capital said it believed Orc could develop better
with a single owner that could devote resources and management
skill over the long term.
($1 = 6.9128 Swedish crowns)
(Reporting by Simon Johnson; Editing by Jon Loades-Carter)